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nieshia1
21 Posts |
 Posted - 09/07/2008 : 08:42:45 AM
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I have two clients:
1st client
568 credit score, purchase OO, FTHB, 44% DTI, 1 open tradeline, 3 good alternate tradelines, paid collections.
2nd client
536 credit score, purchase, OO, FTHB, 38%DTI, no open tradelines, good alternate tradelines, past collections from 2005, plenty of assets. |
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just in kase
474 Posts |
Posted - 09/07/2008 : 10:37:08 AM
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This practice is appropriate when the borrower has insufficient trade lines with Equifax, Experian, or TransUnion and a credit bureau score cannot be derived. Mortgage lenders also may use nontraditional credit verification to augment “thin-file” credit reports where a credit score was generated but based on only a few trade lines. However, nontraditional credit reports may not be used to enhance any poor credit history on a traditional credit report.
http://portal.hud.gov/pls/portal/docs/PAGE/FHA_HOME/LENDERS/MORTGAGEE_LETTERS/2008_MORTGAGEE_LETTERS/08-11ML.DOC |
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Jimmymackin
635 Posts |
Posted - 09/07/2008 : 1:31:45 PM
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Taylor Bean is the best on Manual UW sub 580... the DR on the first one is going to be tough, but it if makes sense and you have compensating factors you should have a chance ...did you run it yet?quote:
Originally posted by nieshia1
I have two clients:
1st client
568 credit score, purchase OO, FTHB, 44% DTI, 1 open tradeline, 3 good alternate tradelines, paid collections.
2nd client
536 credit score, purchase, OO, FTHB, 38%DTI, no open tradelines, good alternate tradelines, past collections from 2005, plenty of assets.
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